Completing a Master Budget
PROBLEM 10-28 Completing a Master Budget (LO4a, LO4c, LO4f, LO4g, LO4h, LO4i) Hillyard Company, an office supplies specialty store, prepares its master budget on a quarterly basis. The following data have been assembled to assist in preparing the master budget for the first quarter. a. As of December 31 9the end of the prior quarter), the company’s general ledger showed the following account balances: Debits Credits Cash…………………………………………….. $ 48,000 Account receivable……………………… 224,000 Inventory……………………………………. 60,000 Buildings and equipment (net)…… 370,000 Account payable…………………………. $ 93,000 Capital stock……………………………….. 500,000 Retained earnings………………………. 109,000